(Reuters) – Daniel Loeb’s activist hedge fund Third Point LLC is in talks to partner with Campbell Soup Co (CPB.N) shareholder George Strawbridge to call for a sale of the U.S. consumer company, people familiar with the matter said on Thursday.
The logo and ticker for Campbell Soup Co. are displayed on a screen on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 18, 2018. REUTERS/Brendan McDermid/File Photo
If there is an agreement on a partnership, Third Point and Strawbridge’s ownership of Campbell Soup could amount to 8.5 percent stake, the sources said. The investment group could then disclose its position in a regulatory filing as early as this week, as it pushes the company to explore a sale as part of its strategic review already underway, the sources said.
The sources asked not to be identified because the matter is confidential. Campbell Soup and Third Point did not immediately respond to requests for comment.
Reporting by Svea Herbst-Bayliss and Greg Roumeliotis in New York; Editing by Meredith Mazzilli